I want to explore a thought-provoking question that has been on my mind. This question can help you reflect on your HR-related business and identify areas for improvement.
The question is . . .
If you sold your business, what would a new owner change about the business to make it more successful?
I was inspired to ask this question after observing a transformation in a corner store near my home. The store used to be a dusty, run-of-the-mill establishment that sold basic necessities like newspapers, milk, and bread.
However, after being purchased by new owners, the store underwent a complete makeover.
The new owners introduced a fresh design, new decor, and updated branding, including new logos. They also expanded the product line to include hot sandwiches, premium items, Italian wines, cheeses, and a high-quality coffee machine. The store became a bustling hub of activity, creating jobs and community involvement.
Every time I drive by the store, I wonder what the previous owner would think of it now.
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So, if you were to sell your HR business, what changes would a new owner implement to make it more successful?
- Would they remove products and services?
- Would the new owners change the structure of the products and services?
- Would they increase the prices?
- Would they decrease prices?
- Would they add staff?
- Would they remove staff?
- Would they move to an outsourced model?
- Would they move to an in-source model?
- Would they look to break it up into smaller pieces and sell it off?
- Would they look to change their focus to a particular industry or a market segment?
- Would they focus on consulting projects or would they focus on recurring revenue or would they focus on product sales or training?
- Would they try and get the entry-level product and then make more money on the back-end sales?
- Would they try to look at creating more partnerships with other companies in the industry?
- Would they be looking at creating more thought leadership to raise the profile of the business?
- Would they look to add technology or marketing tools to improve the flow and the process and the management of the business?
- Would they add more paid advertising and promotion?
- Would they productize or systemize your business with a view to reducing their involvement in the running of the business?
- Would they try and get the systems in place for the business with a view to selling it quickly?
Stepping back and examining your business from an outsider’s perspective can be extremely helpful.
Try imagining what changes a new owner would make if they took over your HR business.
You might be surprised to discover that there are simple, low-cost ways to add value and improve the overall success of your business.
Take some time to reflect on this question and if you need help, please do get in touch!
All the best,